On October 23, 2025, Lazard Inc. held its third‑quarter earnings call at 8:00 a.m. EDT. The company reported record adjusted net revenue of $725 million for the quarter, up 12% from $646 million in the same period a year earlier. Net revenue for the quarter was $748 million, a 5% decline from $785 million in Q3 2024.
Financial Advisory revenue rose to $422 million, a 14% increase from $369 million in Q3 2024, while Asset Management revenue reached $294 million, up 8% from $272 million. Net income on a U.S. GAAP basis was $71 million, or $0.65 per share, compared with $108 million, or $1.02 per share, in Q3 2024. Adjusted net income was $62 million, or $0.56 per share, versus $40 million, or $0.38 per share, a 56% increase.
The results underscore Lazard’s continued momentum in its Financial Advisory business, with record revenue and a 20% year‑over‑year increase in adjusted net revenue. Asset Management also delivered positive net inflows, contributing to a 7% rise in average assets under management to $265 billion. The company reiterated its focus on expanding private capital and technology initiatives as part of its Lazard 2030 strategy.
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